The International Finance Corporation (IFC) has committed to make an equity investment of R150 million ($10 million) in the South African Student Accommodation Impact Investments Proprietary Limited platform.
The IFC is supporting the development and operation of at least 15,000 student accommodation units over the next five years. The project is led by Eris Property Group, a real estate developer and fund manager.
The institution plans to leverage additional resources from partner agencies to strengthen the fund manager's work in the housing sector in South Africa. "The IFC's support has advanced our aspirations to fully meet our fundraising target of R2 billion," said Vuyani Bekwa, executive director of fund management at Eris.
In November 2020, following a R500 million capital raise, Eris Property Group said it would seek additional capital over the next 12 months to "pursue a number of attractive opportunities for the company" in the real estate sector.
While student enrollment in higher education in South Africa has doubled since 1994, the IFC notes that housing supply has not kept pace. According to estimates, there is a shortage of about 500,000 beds for university and vocational school students.
Chamberline Moko
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...